Elon Musk Defies Trump • Wall Street Billionaires Revolt • Singapore Stocks Awaken • Global Recession Looms
[WORLD] President Donald Trump’s April 2 tariff blitz has slammed the global economy like a wrecking ball — triggering a US$5.4 trillion market meltdown, tearing into Wall Street’s billionaire elite, and sparking fears of a self-inflicted U.S. recession.
But amid the carnage, something unexpected is happening: small-cap Singapore stocks are waking from a years-long slumber, while Elon Musk emerges as a surprise voice of reason, calling for zero tariffs and free trade with Europe.
💣 Trump’s Tariff Tsunami: Global Meltdown in Motion
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US tariffs now average 22.5%, up from just 3% in 2024
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S&P 500 down nearly 20%; Nasdaq 100 in full-blown bear market (–22%)
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$5.4 trillion erased from U.S. stock market value
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Inflation spike expected: +2 percentage points to core CPI in 2025
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Recession warnings from JPMorgan, UBS, and OCBC
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Retail bloodbath looms: poorest households hit 2.5x harder than the rich
💼 Wall Street Titans Turn on Trump
The Trump loyalist base is cracking. One by one, the titans of finance are turning against the president they once quietly supported:
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Bill Ackman: Warns of an “economic nuclear winter” and calls for a 90-day tariff pause
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Jamie Dimon (JPM): Urges quick resolution or face “disastrous” long-term trade fallout
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Ray Dalio (Bridgewater): Predicts stagflation
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Warren Buffett: Labels tariffs “an act of war”
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Ken Griffin (Citadel): Fears America’s competitive edge is dulling
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Stanley Druckenmiller: “Tariffs over 10% are irresponsible”
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Boaz Weinstein: Warns of a corporate bond market avalanche
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Howard Marks (Oaktree): Calls the uncertainty uninvestable
🚨 GOP Cracks: Political Allies Break Ranks
Even Trump’s most loyal political allies are sounding the alarm:
Meanwhile, Trump remains unmoved — golfing at his Florida club as the S&P 500 tanked to an 11-month low.
🚀 Elon Musk Goes Rogue: Slams Navarro, Pushes Free Trade
While serving as Trump’s temporary adviser, Elon Musk dropped a bomb of his own:
“Let’s scrap the tariffs. Create a zero-tariff free-trade zone between the U.S. and Europe.”
Speaking in Florence to Italy’s Matteo Salvini, Musk mocked Trump’s tariff czar Peter Navarro, calling his Harvard degree a red flag and questioning his lack of real-world experience.
Though Musk’s Tesla (TSLA:US) is less exposed to tariffs than rivals, its China presence still means pain — and Musk isn’t shy about saying so.
🌏 ASEAN’s Plan B: Turning to Asia, Not America
With the U.S. turning inward, ASEAN is pivoting outward:
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RCEP ties ASEAN with China, Japan, Korea, Australia & NZ
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Push for regional demand, EU ties, and economic reform
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Vietnam, Thailand, and Malaysia face brutal tariffs (46%, 37%, 24%)
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Singapore spared harsher treatment with 10% baseline — but growth may still be downgraded
🇸🇬 Singapore: Underdog Hero in Global Mayhem?
Despite global headwinds, Singapore could emerge as a surprise winner:
🔥 REITs Poised for Liftoff
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CapitaLand Integrated Commercial Trust (CICT:SG)
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Mapletree Industrial Trust (J69U:SG)
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Keppel Reit (K71U:SG)
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Digital Core Reit (DCRU:SG)
🛡️ Defensive Plays with Domestic Mojo
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Sheng Siong (SSG:SG), Raffles Medical (BSL:SG)
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ComfortDelGro (C52:SG), UMS Holdings (UMS:SG)
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ST Engineering (S63:SG), Sembcorp (U96:SG)
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Singtel (Z74:SG), DFI Retail Group (DFI:SG)
📈 Singapore Small Caps Rise Like Frankenstein
Thanks to a S$5 billion capital injection from MAS, forgotten gems on the SGX are roaring back:
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Wee Hur (E3B:SG): S$319.8M gain from Aussie divestment; dorm expansion adds 65% capacity
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CapitaLand Investment (9CI:SG): AUM goal of S$200B by 2028
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Keppel (BN4:SG): Asset monetisation play with S$10–12B target
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PropNex (OYY:SG): 64% market share; 46% earnings growth projected
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Geo Energy (RE4:SG): Coal output to triple by FY2029
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Sats (S58:SG): Down 16% YTD, but seen as a deep value rebound pick
🏦 Banks Remain Rock-Solid
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OCBC (O39:SG): Highest CET1, ongoing special dividends
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UOB (U11:SG): 12% earnings growth projected; Citi integration in play
💸 Bonds Back in Vogue
Flight to safety drives interest in investment-grade retail bonds:
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Astrea VI, VIIA, VIII
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Frasers Property, Temasek bonds
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S-REITs like Frasers Centrepoint Trust, CICT
🧠 Analysts Say: Stay Defensive, Stay Smart
“Only the Fed can save us,” says Ross Gerber, summing up market sentiment.
As Trump digs in, analysts recommend:
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Defensive sectors
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Dividend payers
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High-yield REITs
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Domestic-focused stocks
📣 Final Word
Trump’s tariffs have ignited a global firestorm — but from the ashes, new opportunities are rising.
Investors willing to look beyond Wall Street may find gold in Singapore’s recovering small caps, bulletproof REITs, and steady dividend plays. Just don’t blink — this is shaping up to be the most consequential market showdown since 2008.
Thank you
